Affordable Upstate Transforming 38 Units in 2 Berea Apartment Complexes
A significant renovation project is underway in the Berea area as Affordable Upstate undertakes the transformation of two apartment complexes into a unified, affordable housing community. The initiative targets a two-story building containing 14 units located at 100 Lily Street and an L-shaped, two-story building with 24 units at 2001 West Parker Road. Positioned back-to-back, these complexes are set to merge into one, known as Vista West III.
The concerted focus on the Berea region since 2021 underscores Affordable Upstate’s commitment to preserving accessible housing options as Greenville expands. “Preserving housing in the Berea submarket as Greenville grows is a strategic move that ensures that affordable housing options will continue while values and demand increase in the surrounding area,” stated Mario Brown, co-founder and principal of Affordable Upstate. This acquisition marks the third by the company on Lily Street, significantly bolstering its portfolio to a total of 160 units across the Vista West category, providing the firm with a competitive edge in the locality.
To facilitate the transformation of Vista West III, Affordable Upstate is collaborating with the Southeast Affordable Housing Administration (SAHA), a non-profit organization dedicated to partnering with for-profit owners to leverage affordable housing incentives. This collaboration aims to ease the transition for existing residents through relocation to nearby Affordable Upstate properties, including covering moving expenses and subsidizing rent.
“This is about redefining affordable housing in our community. We believe communities of pride are communities of opportunity,” Brown explained. In pursuit of this vision, Affordable Upstate is also engaging with Naturally Occurring Affordable Housing Property Management (NOAH), a property management firm driven by economic mobility. NOAH’s innovative approach includes reporting positive payment behaviors to credit bureaus, thereby assisting residents in improving their credit scores. A unique deposit alternative offered by NOAH provides more extensive coverage than traditional deposits, alleviating the financial burden on residents who might struggle with upfront costs such as first and last month’s rent.
“We operate at the intersection of profit and purpose,” Brown elaborated on their mission. The strategy involves not just relocation of residents but doing so with an approach that embodies neighborliness and efficiency. This not only reduces development costs but also showcases an effective model where community support and financial viability are not mutually exclusive. By leveraging the resources and expertise of SAHA and NOAH, Affordable Upstate is set to offer below-market rental rates to future residents of Vista West III, proving that financial returns and community development can indeed work together harmoniously.
The project by Affordable Upstate is a testament to the powerful impact of thoughtful collaboration and community-focused initiatives in affordable housing. As Vista West III begins its transformation, it stands as a model for preserving and enhancing affordable housing options in growing urban areas.
